Steel Products

Construction growth slowed in March on tariff woes: Dodge

Written by David Schollaert

April 10, 2025

The Dodge Momentum Index (DMI) saw growth fade again, down for a second straight month in March, according to the latest data released by Dodge Construction Network. It comes after reaching a record high in January to kickstart the year.

The March DMI declined to 205.6, a 6.9% decrease from February’s downwardly revised reading of 220.9 but still 30% higher than levels one year prior.

“Increased uncertainty around material prices and fiscal policies may have begun to factor into planning decisions throughout March,” said Sarah Martin, Dodge’s associate director of forecasting. “While planning data has weakened across most nonresidential sectors this month, activity remains considerably higher than year-ago levels and still suggests steady construction activity in mid-2026.”

March’s results were driven primarily by weaker commercial planning activity for warehouses, data centers, and retail stores, the report said.

The commercial building segment of the index slipped 7.8% from February to a four-month low of 256.6, yet 32% greater than March 2024 levels. The institutional segment fell by 5% to 142.6.after reaching a 19-month high just two months ago. The reading is still up 27% compared to one year ago.

Dodge reported that a total of 25 projects valued at $100 million or more entered planning in March, down from 26 in February.

The DMU is a leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in this important steel-consuming sector for the next 12 months. An interactive history of the DMI is available on our website.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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